9:15 AM (IST): Welcome to the Live Coverage of auction of the 11th season of Indian Premier League (IPL 2018 Auction). This year's auction is scheduled to take place at the Ritz Carlton in Bengaluru on 27 January. The event will get underway at 9:30 AM IST.

The day is here again as multitudes of Indian and overseas players set to go under the hammer in the Indian Premier League auction. Eight franchises gearing up to pick a maximum of 182 out of the 578 players, who will go under the hammer at the auction for the 11th Indian Premier League.

The overall base price ranges from Rs 20 Lakhs to Rs 2 Crores. For Indian uncapped players, base price ranges from Rs 20 Lakhs to Rs 40 Lakhs and there could be a clamour for players based on their performances during the recent Syed Mushtaq Ali Trophy.

Once again, the auction will be hosted by renowned Welsh auctioneer, Richard Madley. Let us take a look at how the IPL auctions work.

The 578 players available for the auction will be sorted into groups based on their role and then split into pots. The auctioneer will announce the player’s name and teams will start bidding for the player starting from the base price. The representatives of the teams will have to raise their team paddle to make a bid. The team with the highest bid will get the player. The bidding will continue till all the other teams back out and the auctioneer announces that the player is sold.

A player will go unsold if none of the teams raises their paddle. The unsold players will come back into the pool after all the players go under the hammer for the first time. The auctioneer will give the teams an option of listing the unsold players they are interested in and will start the bidding war for those players for a second time with the base price of the player slashed to half of the original price. The players who are not bought by the franchises for the second time will remain unsold in the IPL auction.